PHOENIX, May 21, 2018 /PRNewswire/ -- Alpine 4 Technologies Ltd. (OTCQB: ALPP) today announced financial results for its 1st Quarter, ending March 31, 2018. The company posted quarterly revenue of $3.69 million, which is growth of 46% over Q1 2017 revenue of $2.49 million.
Kent B. Wilson, CEO of Alpine 4, had this to say: "Alpine 4 had a great Q1 2018. We saw revenue grow by 46% over Q1 2017. This growth was driven by the strong demand for the products and services we provide. Further, apart from some one-time expenses mainly associated with the disposal of some under-utilized assets from our subsidiary, Venture West Energy Services, Alpine 4 produced its best quarterly results in its history and is well on the path to showing profitable quarters in 2018."
Earnings by Subsidiary Breakdown:
Quality Circuit Assembly (QCA): QCA's electronics contract manufacturing sales accounted for 67% of Alpine 4's quarterly revenue with $2.44 million in sales. QCA posted an EBITDA profit of $407k and a net profit of $184k for Q1 2018.
ALTIA, LLC: ALTIA generated $160k in revenue for the quarter and represented 4.3% of the Alpine 4's Q1 revenue. ALTIA's connected car platform, 6th Sense Auto, represented most of that revenue. In January 2018, ALTIA's 6th Sense Auto platform experienced an unanticipated level of data growth due to the expansion of services into the California market. This growth produced a one-time expense of $158k.
Venture West Energy Services (VWES): VWES rounded out the remaining 28% of revenue at $1.02 million, which was 89% growth over Q4 2017. VWES is forecasting to generate combined Q1 and Q2 revenues in excess of $2.5million. Also, in Q1 Venture West Energy Services, in order to free up resources and cash for future projects, disposed of $578k worth of its non-used equipment assets resulting in a 358k one-time expense to their P&L.
Alpine 4 is providing the following revenue guidance for its Q2 2018:
Anticipated revenue between $4.5 million and $5.3 million.
About Alpine 4 Technologies:
Alpine 4 Technologies, Ltd (ALPP) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of Drivers, Stabilizers, and Facilitators. At Alpine 4 we understand the nature of how technology and innovation can accentuate a business. Our focus is on how the adaptation of new technologies even in brick and mortar businesses can drive innovation. We also believe that our holdings should benefit synergistically from each other and that the ability to have collaboration across varying industries can spawn new ideas and create fertile ground for competitive advantages. This unique perspective has culminated in the development of our Blockchain enabled Enterprise Business Operating System called SPECTRUMebos.
View Alpine 4's profile here: https://www.ldmicro.com/profile/alpp
Contact: [email protected]
The information disclosed in this press release is made as of the date hereof and reflects Alpine 4's most current assessment of its historical financial performance and its future revenues. Actual financial results may differ from those contained herein. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors that the Company identifies from time to time in its filings with the SEC. Although Alpine 4 believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Alpine 4 disclaims any intention or obligation to update the forward-looking statements for subsequent events.
SOURCE Alpine 4 Technologies Ltd.